Originally published on: December 13, 2024
Bitcoin’s battle between bulls and bears near the $100,000 level continues, with the possibility of an upside breakout gaining momentum as bulls hold their ground. With recent rate cuts by major central banks, including the People’s Bank of China and the European Central Bank, there’s potential for increased capital flows into risk-on markets like crypto, according to Bitfinex head of derivatives Jag Kooner.
Analysts are optimistic about Bitcoin’s rally extending into 2025, with a report from Sygnum Bank suggesting that institutional participation could lead to “demand shocks” driving the price higher. However, the fate of altcoins in this rally hinges on US laws supporting crypto adoption.
Let’s delve into the charts of the top 10 cryptocurrencies to decipher whether Bitcoin’s next leg of the rally will influence altcoin buying or if a recovery is on the horizon.
Bitcoin (BTC) Analysis:
Bitcoin surpassed the $101,900 resistance on Dec. 12 but struggled to maintain higher levels. The bullish momentum weakens with negative divergence on the RSI, requiring a push above $104,088 to sustain control. A break below $96,916 could turn the tides in favor of bears.
Ethereum (ETH) Analysis:
Ethereum saw a bounce from the downtrend line with strong buying near $4,000, facing resistance at $4,094. Bulls must defend the 20-day EMA at $3,686 to aim for $4,500, while a breakdown may keep the range bound.
XRP, Solana, BNB, DOGE, ADA, AVAX, Chainlink, Shiba Inu (SHIB) analyses:
XRP, Solana, BNB, DOGE, ADA, AVAX, Chainlink, and Shiba Inu are all showing signs of mixed momentum, with key levels and resistances to watch out for in the coming sessions.
In conclusion, amidst the ongoing battle between bulls and bears, Bitcoin’s price action near the $100,000 level remains crucial for the broader crypto market. Stay tuned for further updates on these top 10 cryptocurrencies to navigate the volatile market effectively.